Launch of new VALife insurance plan next year for veterans

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Launching a new life insurance scheme next year for veterans



MINUTES. DEIRDRE: IN LESS THAN FOUR MONTHS, THE DEPARTMENT OF VETERANS AFFAIRS IS LAUNCHING A NEW LIFE INSURANCE PROGRAM. IT WILL EXPAND ACCESS TO LIFE INSURANCE COVERAGE FOR MORE VETERANS WITH SERVICE-RELATED DISABILITY. BRANDI: BUT MANY VETERINARIANS DON’T KNOW IT EXISTS. EXECUTIVE DIRECTOR OF VA INSURANCE SERVICE, DAN KEEAGHAN NOW JOINS US LIVE TO EXPLAIN THE PROGRAM. HOW DOES THE NEW PROGRAM EXPAND LIFE INSURANCE BENEFITS TO MORE VETERANS? >> THE NEW PROGRAM WILL REACH MORE VETERANS THAN EVER BEFORE AS WE ELIMINATE REGISTRATION WINDOWS FOR ALL VETERANS WITH ANY LEVEL OF SERVICE-RELATED DISABILITY, FROM 0% TO 100%, WHILE THEY ARE OLD OF 80 OR LESS, AND THIS IS NOT LIKE PREVIOUS PROGRAMS WHICH HAD A LIMITED TWO-YEAR WINDOW FOR VETERANS TO ENROLL. DEIRDRE: CAN YOU EXPLAIN THE IMPORTANCE OF HAVING THIS KIND OF PROGRAM? IF YOU’RE TRYING TO GET COMPARABLE COVERAGE IN THE PRIVATE SECTOR, HOW IMPORTANT IS IT? >> MANY TIMES COMPARABLE PROGRAMS WILL HAVE A MEDICAL SUBSCRIPTION, AND PEOPLE WHO APPLY FOR POLICY MAY BE DISQUALIFIED DUE TO CERTAIN RE-EXISTING CONDITIONS. WE HAVE NO MEDICAL SUBSCRIPTIONS. WE HAVE A TWO-YEAR WINDOW BEFORE THE POLICY FACE VALUE COMES INTO EFFECT, AND THEN AFTER THIS TIME, THIS WHOLE LIFE INSURANCE PROGRAM WILL BEGIN TO ACCUMULATE THE CASH VALUE THAT VETERANS WILL BE ELIGIBLE TO TAKE AGAINST OR TO SAVE FOR THEIR LOVED ONE. BRANDI: WE SHOW A GRAPHIC WITH SOME INFORMATION ON THE SCREEN FOR OUR VIEWERS. WHILE THEY WATCH THIS, EXPLAIN VETERANS WHO CAN ALREADY BENEFIT FROM GROUP LIFE INSURANCE, HOW DOES IT AFFECT OR DOES IT? >> VETERANS AFFAIRS GROUP LIFE INSURANCE IS A POLICY UP TO $400,000 THAT MANY VETERANS ARE CARRYING SINCE THEIR TIMES IN UNIFORM. THIS PROGRAM, VA LIFE, HAS NO IMPACT ON THOSE WHO HAVE LIFE INSURANCE FOR VETERANS. THE PRIMARY AUDIENCE WE SERVE IS OUR VETERANS AND VETERANS SERVICE ORGANIZATIONS WHO, WHEN FIRST APPLYING INTO A SERVICE-RELATED DISABILITY, MAY HAVE MISSED THIS TWO-YEAR WINDOW OR HAVE ANOTHER TYPE OF MEDICAL COMPLICATION THAT HAS THEM DISQUALIFIED FROM INITIAL ENTRY. DEIRDRE: I guess the goal now is to make sure veterans know he’s even available. THIS IS ONE OF THE HARD THINGS. HOW WOULD YOU TELL VETERANS NOT TO SPREAD THE WORD THEMSELVES? >> I THINK YOU’RE ON THE SPOT RIGHT THERE. WE WANT TO BE ABLE TO LET EVERYTHING IN THE SNOW VA – LET ALL VETERANS VA KNOW WHATEVER WE CAN. WE INNOVATE TO DELIVER A SUPERIOR CUSTOMER EXPERIENCE WITH MANY ONLINE TOOLS, INCLUDING DOCUSIGN, TREASURY PARTNERSHIP FOR PAY.GOV, ONLINE LOAN APPROVALS AND ONLINE BENEFICIARY UPDATES. BRANDI: THANK YOU SO MUCH FOR BEING WITH US THIS MORNING. LOTS OF GOOD INFORMATION TO ENJOY YOUR TIME. >> THANK YOU FOR HOSTING US. FOR MORE INFORMATION, PLEASE GO

Launching a new life insurance scheme next year for veterans

The Department of Veterans Affairs will soon offer whole life insurance to all veterans with service-related disabilities. The new program called VALife will launch on January 1st. disabled than ever. It offers guaranteed acceptance of whole life insurance to all veterans up to age 80 with service-related disabilities. Daniel J. Keenaghan, executive director of VA Insurance Service, joined KCRA 3 on Tuesday to explain how the program works and who should apply. See more in the video above.

The Department of Veterans Affairs will soon be offering whole life insurance to all veterans with service-related disabilities.

The new program called VALife will launch on January 1st.

According to a release, VALife is expanding access to life insurance coverage for more veterans with service-related disabilities than ever before.

It offers guaranteed acceptance of whole life insurance to all veterans up to age 80 with service-related disabilities.

Daniel J. Keenaghan, executive director of VA Insurance Service, joined KCRA 3 on Tuesday to explain how the program works and who should apply.

See more in the video above.

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